We’re talking about the money and other financial assets managed by GIC, Temasek and the Monetary Authority of Singapore (MAS)—money that could, for example, be used to support the Singapore dollar during periods of market stress. Monetary Authority of SingaporeMinistry of Finance defines financial reserves as the sum of assets managed by GIC and Temasek, and the Official Foreign Reserves, held and invested by the Monetary Authority of Singapore. Together with the estimated S$1.3 trillion at the other two organisations, the total amount of Singapore’s financial reserves could be close to S$1.9 trillion and cross S$2 trillion in 2027. If the pool of reserves qualifying for NIRC is roughly S$1.425 trillion, those expected returns amount to around 4% a year. Another few hundred billion remain in MAS, together approaching nearly S$2 trillion in financial reserves that the country strengthen its resilience against financial shocks and currency market stress.